Binance to Withdraw Debit Card Services in Latin America and Middle East – Binance has declared that it will discontinue its support for crypto debit card services in Latin America and the Middle East. The impact of this withdrawal is expected to be minimal, affecting less than 1% of customers in those areas. This move aligns with Binance’s trend of prioritizing its core products, joining a series of similar choices by the exchange.
The announcement was communicated through a post on its customer support page, outlining the cessation of card services for users within these regions. Customers are granted time until September 21, 2023, to continue utilizing the card, beyond which its usage will no longer be possible. Up until that date, transactions and payments using the card can still be carried out.
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Introduced to these regions last year, the crypto debit card service was designed to enhance crypto payment options. These cards, functioning akin to regular debit cards, empower users to employ their crypto assets for transactions and payments. Furthermore, the crypto exchange has highlighted that this change will impact less than 1% of their regional users.
The limited number of cardholders could suggest a lower-than-expected adoption rate, potentially contributing to the decision to halt the service. However, no specific rationale has been provided for discontinuing the service in these particular regions. Nevertheless, as per the post, customers impacted by the service discontinuation can continue conducting payments through Binance Pay, an alternate payment avenue developed by Binance.
Furthermore, the post specifies that refund requests and disputes will continue to be accommodated until December 20, 2023. This latest revelation is in line with the crypto exchange’s concerted effort to redirect attention toward its core products. This mirrors a similar resolution taken by the exchange earlier, when it withdrew support for another crypto payment service known as Binance Connect.
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Launched the previous year, this service was aimed at facilitating the integration of crypto payments into traditional market businesses. In a related update, Binance revealed a collaboration with the crypto startup MoonPay following the termination of relationships between U.S. banks and the crypto exchange. This strategic partnership with MoonPay enables Binance.US customers to convert their fiat currencies into USDT.
